Her time at the top of the Conservative Party memorably ended just 42 days after becoming prime minister, yet Liz Truss has been a name frequently heard throughout general election debates. The Labour Party hoped to remind voters of the unfunded tax cuts and spending plans announced in the September 2022 mini-budget which caused government borrowing to soar and necessitated an intervention by monetary regulator the Bank of England to prevent a collapse of pension funds.
It is, however, possible that those more than 100,000 new mortgagors would have had cheaper rates if there were no market turmoil in the bond market and pensions industry. Through most of October and November 2022 mortgage rates mostly remained above 6% for the average two and five-year deal - more than double the 3% base interest rate set by the Bank - according to figures from financial information website Moneyfacts.